Only use colons after statements that are complete sentences. Don't use it after a sentence fragment. It may be used between independent clauses when the second sentence explains the first sentence.
Ex: He has three favorite movie genres: action, comedy, and drama.
It tells you how to pronounce the word
The way to write the sentence: "The store was freezin" as an absolute frase would be: The store freezing, we need to leave it quickly. Or We need to leave quickly, the store freezing.
An absolute phrase consists on a phrase that modifies a noun in a sentence, but it is not connected to the sentence by a conjunction. It is separated with a comma only, and it could be removed from the sentence without changing the meaning of the sentence. An absolute phrase tends to contain a participial.